New York investors Wesley Edens and Marc Lasry, who expect to take over operational control of the Milwaukee Bucks in a month, were interviewed by telephone on Friday and shared their thoughts on basketball and Milwaukee.

Here are edited excerpts of that interview:

Q: What fueled your interest in buying a professional basketball team?

A: Edens: From my standpoint, I've been very interested in being involved in a professional sports franchise for a long time. Two things I'm most passionate about in life are sports and business. And the nexus of those two is a professional sports team. I love the prospects for the business aspects of it. For our company we invest in business in a variety of different industries. That's just a tremendously fun, interesting pastime...In the NBA, it's just one of the greatest sports you can be involved in. It's a fantastic league and a fantastic product. It's a lot of fun. That's what it is for me.

Lasry: For me, I grew up playing basketball, so I think your dream always is to hopefully play. Obviously that dream wasn't going to be realized because I wasn't good enough. I think part of it is, I've been involved in sort of owning part of the Brooklyn Nets. And I think as you start getting involved in professional sports, especially in the NBA, you start realizing how much you love it. That if you ever had the opportunity, you would love to be able to buy a team. I think when the Bucks came around, I think especially for me, I think it was a sort of a once in a lifetime opportunity. And thought it would make sense. I think that's the main reason.

Q: Both of you are wealthy guys. How would you describe your business philosophy and how would that apply to this particular franchise?

A: Lasry: For me, when we look at it, you need to have excellent management. When I look at companies like this, especially owning the Bucks, I think we have an obligation to the city, to the fans, to everyone. But at the same time...I think our view is we want to build a world-class organization.

And to do that, that's how you succeed. That's how we succeeded at businesses having exceptional people doing exceptional things.

Edens: I agree with all of that. I think that in business, details matter. Corporation matters. And hard work matters. And of course you need to have the right people in the right places to then execute. Roger Penske is famous for saying, "Effort equals result." That's 100% of the case in the businesses we've been involved in. It's 100% of the case here.

Q: How did both of you meet? You were in similar businesses. How do you see your partnership working out?

A: Edens: Marc and I have been friends for 20 years. Our friendship really started with meeting through our kids' school. All of our kids went to the same school, elementary, middle school, high school in New York City. In Manhattan. And so that's where we first met. And so we had a common affiliation with the school, and then our kids were involved in sports, and we spent a lot of time sitting on the sidelines, watching our kids play basketball.

Q: People in Milwaukee are wondering how you will act in terms of decision making. Do you see yourselves working that out together?

A: Lasry: The way we look at it. We look at the world the same way. I think our view is unless we both agree, nothing will happen. If we disagree, one of us should convince the other. But I think we do very much look at the world the same way. I think the two of us have to agree on everything.

Edens: We are both extremely competitive guys. We're both low-key people. The common thread is we want to be very successful...This is a great opportunity to take that to another level.

Q: Do both of you see this as a business investment? Or is this a business investment and something you both love to do, which is run a basketball team?

A: Edens: It's certainly the latter before it's the former. It's basketball. This is all about winning games. Fans picking up a newspaper and watching the team on TV. Everybody wants a winner. We want a winner. This is something we are invested in. The Milwaukee Bucks are a public asset of the people in Milwaukee and the people in the state of Wisconsin. We take that really seriously. We know how important sports are to people. It's a wonderful way to spend time with your friends and family and express all the things you want to root for and cheer about...It's first and foremost absolutely all of that.

Q: Both of you know the metrics of this past season. Last in attendance, worst record, one of the smallest markets, if not the smallest market, in the NBA. Tiny TV ratings. What convinces you that this market can come back and you can bring fans into the arena.

A: Edens: First of all, I love underdogs, and I think Marc loves underdogs. The notion of buying into a team at this time in some respects is perfect. There is no doubt there is a tremendous fan base in Milwaukee and in the Wisconsin area for sports. All you have to do is look at the attendance figures for the Brewers. Go to a Packers game. There is no doubt there is a huge fan interest for it. We just have to create a product that everybody is excited about...In the NBA you can become competitive in a very short time if you get the right people in charge and you get the right players on the court playing the right way. I think it's a great opportunity.

Lasry: I agree with Wes. Part of this for us, you can only go up, right? If you look at this, if we do the right things. If we pick the right players. If everything works the way hopefully it will and we can follow the model of San Antonio or the (Oklahoma City) Thunder. I think, look, all everybody wants is the same thing we do. Everybody just wants a winner.

If you're winning, people show up. If you're losing, people get discouraged.

I think in Milwaukee, you've had one championship and sort of everybody talks about the glory days...When you're talking to your kids about the glory days, your kids look at you and say, "You're fricking crazy." When we talk about the Knicks in New York, they're like, "The Knicks suck. They haven't done anything lately."

Q: Do both of you feel you have strong basketball IQs?

A: Lasry: I think because I played and I've been a fan you think you know a lot. But I would say at the end of the day our view is you actually need professionals. And you want people who understand the game and who have been in the game and who have made it their life. I think as a fan you will always have views and you think you know a lot. But at the end of the day, I am very realistic about sort of my knowledge. Understand that to succeed and succeed in this league, you need to have people who have the ability to sort of spot talent and understand that talent. Where for us or me, it's more of a fan.

Edens: I consider myself expert as a fan. Which is not be to be confused with being a trained professional. I am as knowledgeable and experienced as any other guy in the sports bar. Which is not the same as the guy who wins NBA championships.

Q: Steve Greenberg of Allen & Co., who handled the sale, said he was impressed by how fast you were, how well prepared you were and that you worked harder than anyone else. Is that your style? And how will that play out in Milwaukee?

A: Edens: We don't pursue investments for practice. If you are going to try to get something done in our world, you need to try hard. We didn't want to take this as a casual affair. When the process started, Marc and I decided early on that we were very interested in it, and we turned a lot of resources onto it so we could make sure we understood and we were knowledgeable about the business and the league and the prospects for going forward. And I think it allowed us to get to a position where we could really be committed to it early on. At the end of the day, time is the enemy of all deals and once we decided we were committed to it, we wanted to get the yes. And we were fortunate it worked out. That pretty much is very very similar with how our businesses operate.

Lasry: I think on this once we decided to go for it we figured we might as well pull out all the stops. At the end of the day, other people probably were further behind on the legal due diligence, on the due diligence. I think we had a nice edge. At the end of the day I think a lot of it came down that we showed from the very beginning that this is what we wanted to do. And I think with Sen. Kohl he sort of had that feeling also.

Q: In general, your overall impressions of the city as you came and went?

A: Lasry: I thought everybody was exceptionally nice. Just nice. People didn't know who we were. You'd be in the hotel and you'd walk around. Everybody was as nice as could be about everything. When we were dealing with the Bucks, they couldn't be nicer. I thought it was a great experience. It was really nice. It actually gave you a nice feeling about everything.

Edens: I've been in Milwaukee many times on business. I've been fortunate to have been there when there isn't snow on the ground, so I know how nice it can be. It's a great Midwestern city. It's the classic city (in which) the downtown over time became less relevant as you built up the suburbs. I think it's a great opportunity for the city to kind of reinvent itself from an urban perspective. And I think the opportunity to build an arena can be an integral part of that and something that is real exciting from our standpoint. And it's great. I've been out to Brewers games in the middle of summertime. It's a fun city. It's a great place. We're excited about it.

Q: In terms of the arena debate, your generosity in putting additional money in and Sen. Kohl's gift obviously gave it a jump-start. You said at the news conference you had a timeline. What are your expectations for a new arena?

A: Edens: For a project of this size and one that is both a private transaction and also in this case a public-private transaction where there is a number of different constituents, I think getting something designed, financed and ready to come out of the ground in the next 12 months is a very aggressive but a very realistic timeline so long as there is engagement locally, which I believe there will be. So as soon as we are mandated as the owners, we will jump into it with both feet and get after it. I think it's a challenge, but it is a tremendous opportunity.

Q: Would that include meeting with public groups so they can hear your thoughts about an arena?

A: Edens: Absolutely. There are a number of different constituencies that care deeply about both the arena, downtown Milwaukee, you know, the Bucks as part of the community, there's a number of different elements that need to be paid attention to. And I think the first thing to do is meet with people and solicit their views and opinions and thoughts on how things should work. And then synthesize it into a common vision that people can really get behind.

It always ends up at some level about the money. But the generosity of the senator is actually tremendous. It's unprecedented. I can't imagine there's ever been a time when somebody was selling a professional sports team and rather than putting that money in his pocket does the opposite and takes $100 million and puts it into an new arena project. It's such a tremendous gift.

And I think that between that money and the capital that Marc and I are prepared to invest in the project, it does give us a tremendous headstart to close the gap on how to pay for something like this.

There's a very good chance that we will end up in a good position both financially and in terms of managing the constituencies here that we want to be a part of.

Lasry: I totally agree with Wes. At the end of the day and the fact the senator was willing to give the $100 million and that we are willing to put $100 million, we should be able to get this done. It's a complicated process. I have not in the past been involved in building an arena. Wes actually has far more experience than I do on that...The senator also felt comfortable because Wes is building a railroad in Florida. We thought we could navigate the political world and hopefully the private world to get this arena built.

Q: You must be aware of the anti-tax sentiment in Wisconsin.

A: Edens: No, we are clearly not unaware of it. We spent a lot of time talking about it. The value proposition at the end is what will carry the day. It's not about asking for a public handout, or asking for incremental taxes, that's not what people are responsive to. In my judgment, they shouldn't be. It's really about what the impact a new arena can have on the community. You keep the Bucks in the community. You revitalize the downtown...It has to be a positive economic result for taxpayers to feel good about getting behind it.

I'm very confident with the magnitude of capital already committed and the prospects for other capital from other private sources of which there is many I think it is very likely we will get to a great answer where people will feel like it's not an incremental tax, not an incremental handout, but actually is a big positive result for the community.

Q: Is it your goal to bring on local investors?

A: Lasry: Yes. Absolutely.

Edens: We have not spoken to any investors locally or otherwise at this point. We made the commitment ourselves. That is something we will definitely pursue. Especially with two owners who don't live in the city. Having an integrated group of investors who are in the community is a huge positive and something that we are really interested in. We've gotten a lot of inquiries in the last couple of days, but we'll sort that out.

Q: You said you planned to spend time in the city.

A: Lasry: For me, I think we are going to try to come to a number of the games. And I think a lot of it is getting involved in the community. I'm going to look at some real estate to try to buy something. I have to come out there and sort of see where we could live and what we would like to do. At the end of the day, we will probably end up buying something out there.

Edens: Yeah, I think it's the same thing. I spend a lot of time on the road in hotels. I'm not looking forward to spending a lot of time in hotels in Milwaukee. The notion of trying to buy a house or apartment out there and have a good base of operations...Fortunately, it's not a lengthy flight to get out there. During these initial phases, there will be a lot of discourse about the arena, about getting management for the team kind of in order and all of the organizational stuff. I think we will be out there a lot. In the end, as Marc said, we are big fans. I think you'll see us in the front row cheering on the Bucks. That's where we want to be.

Q: You have businesses to run. How will you divide your time?

A: Lasry: I'm going to spend as much time as is needed. I don't know what amount of time that is...When I've looked at it getting out there is pretty easy...Normally, like Wes, I'm constantly traveling because we are constantly looking at new investments. At the end of the day, we'll end up doing what needs to be done.

Q: What if this arena plan fails? Some people have suggested there is a provision in the sale agreement that if you are unable to secure an arena, the NBA would buy the team back from you and start anew. Is that in your sale agreement?

A: Edens: I don't think it's appropriate for us to comment about the sale agreement. It's really the NBA's place if they want to make a comment on that.

I can just say that it's not allowed to not happen. We don't really believe that getting an arena built is anything but an absolute positive outcome for everybody. There's no real energy or value in coming up with other alternatives. We are going to build an arena. We are going to be part of the community. The Bucks are going to be a great basketball team. That's our goal and that's what's going to happen.

Lasry: I couldn't have said it better.

Q: What are your thoughts about working with Sen. Kohl?

A: Lasry: You meet a lot of people in life and in business. He's one of those individuals who is just like a real gentleman. You know he's a man of his word. You enjoy spending time with him. I view him as sort of what we all should be. Public servants, he dedicated his life to try to help the community...I was really blown away by the fact that at the end of the day the senator decided to gift the $100 million to build the arena. It goes to the heart of who the person is. It was real. I had not known him before. And it was a real pleasure to get to know him.

Edens: As you can imagine, there was a lot of discussion throughout the process over the commitment to Milwaukee. The senator from the first minute of the first meeting he made it very clear that his number one objective was to see a new arena built, a long-term lease signed by the Bucks and make sure there was a long-term commitment to the city and the state of Wisconsin. There were lots of conversations about the best ways to make that happen.

When this deal was struck economically, all of the attention then turned toward coming up with a plan for him to show his commitment to it and our commitment to it. What came out of it was this extremely generous offer on his part. ...It's remarkable.

...The day of the news conference we were talking about the transaction, what transpired. He was an extraordinarily generous man. He said it's not about me. ...I think he is such a humble person, and Milwaukee is incredibly fortunate to have him as their patron. ...What he's done is selfless.